The only three areas that continue to work are energy, ags, and infrastructure. I see no compelling reason to own a financial. My current exposure to the financial sector is through Banco Bradesco (BBD). Wachovia's earnings miss today confirms that no bank is safe. Thornburg Mortgage (TMA) is virtually operating in bankruptcy. TMA's convertible debt offering had an exercise price of $0.01 per share.
The bottom line...
Stay long McDermott (MDR), Diamond Offshore (DO), Petrobras (PBR), Chesapeake Energy (CHK), Terra Industries (TRA) Monsanto (MON), & Mosaic (MOS).
Note: I am long MDR, DO, CHK, TRA, & MOS
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